It was/is present on the S3 as well, ans unless you root and ROM i think you are probably out of luck. Its a Samsung thing, and I imagine it is on the Note as well.
It is annoying mostly because it is so close to the X that allows you to clear your notifications that i constantly find myself turning on wifi rather than clearing notifications. Then i have to turn wifi off and go back and take my time being sure to hit the X rather than the wifi on/off.
It is dumb, but the advantages of the phone make up for the little quirks, and like I said, you can always root.
Its just a quick way to turn wifi on. Its not "running" its just anotherpower control. Its just not at the top.
"Do not taunt Happy Fun Ball"
Yup.. Annoying on N2 as well.. Rooted to remove was only way.. Same with the e911 icon in the status bar.. Root root.. Lol
Edit : VZW always has to change things up.. No wifi toggle which is easier and less of eye sore...
Noted 2x- beta testing